Commodities
US Rig Count Surges as Oil Prices Soar to New Heights
The US oil and gas rig count has increased by three from last week to 591 rigs, according to Baker Hughes' latest report. This is an improvement over a year ago when there were 539 rigs active in the country.
In the Permian Basin, specifically, the rig count remains unchanged at 268 rigs. Compared to a year ago, however, this represents an increase of 14 rigs from 254.
The regional benchmark for oil prices, Plains-West Texas Intermediate Posting, has surged to $96.53 per barrel, up by $8.57 from last Friday's close. The national benchmark, West Texas Intermediate crude, also saw a significant gain to $100.05 per barrel, an increase of $8.57 from the previous week.